Bitcoin's Bullish Breakthrough: Key Levels Reclaimed, Eyes on $120K

50-Day EMA Cross Signals Short-Term Rally

Bitcoin is charging back with a vengeance, smashing through a critical technical level that's often the starting gun for short-term rallies. CryptoQuant's İbrahim COŞAR spilled the beans on June 25, pointing out that Bitcoin (BTC) has powered back above its 50-day exponential moving average. This ain't just any line on a chart—it's a big deal for spotting major momentum shifts.

History's playing on repeat here. When Bitcoin dips below the 50-day EMA during a correction and then rockets back up, it's typically party time with price jumps of 10% to 20%. And guess what? It's happening again. Bitcoin's been strutting its stuff above the 50-day EMA for three straight days after a brief tumble, screaming that the bulls are back in town.

COŞAR's calling it: we could be zooming toward $120,000 soon. But hold up, he's waving a red flag too. Geopolitical drama involving the U.S., Israel, and Iran could throw a wrench in the works, stirring up some wild volatility.

As we speak, Bitcoin's trading at $106,720, up 1.4% in the last 24 hours. It's clawed back 7.8% from its June 22 low of $98,974 when the market freaked out over rising Middle East tensions.

Some analysts are betting that this geopolitical mess could actually boost Bitcoin's long-term mojo as a safe haven. Wars and inflation fears often lead to more government cash splashing and looser money policies—conditions that Bitcoin loves to thrive in.

Despite the chaos, Bitcoin's still pulling in the crowds. For eleven days straight, spot Bitcoin exchange-traded funds have been raking in the dough. SoSoValue's numbers show $938 million in net inflows over the past week—proof that investors are still all in.

On the tech side, Bitcoin's barreling toward the upper band around $110,100 after busting through the 50-day EMA. If it can hold steady above the $105,700–$106,000 range, we're looking at some serious bullish momentum.

The relative strength index is at 54.69—just above neutral and showing signs of picking up steam without going overboard. Shorter-term moving averages are screaming "buy," and the moving average convergence divergence has jumped into a bullish signal zone.

To keep the party going, bulls need to shove Bitcoin past the $108,000–$110,000 resistance level. A daily close above $110,000 could fling open the gates to the $114,000–$120,000 range. But if the momentum fizzles out, support's waiting at $105,000, with stronger buying likely kicking in around $102,000 or $98,900.